Markets, 2 November 2026
Monday open: oil gives back about 3%, metals mixed, steel holds its gains
What moved
- Oil is down about 3% in early Monday trading. Brent is around $110 a barrel and WTI around $101, both off about 3.1% from Friday’s close. That wipes out last week’s gain, leaving both roughly flat on the week. The monthly gains (about 7.5% for Brent, 10.7% for WTI) still span the late-September contract roll, so I wouldn’t lean on them. These are live quotes, not closes.
- Metals mixed. COMEX copper is around $14,350 a tonne, up about 0.4% so far today and down about 0.6% on the week and month. Aluminium is around $3,142, down about 0.8% today, up about 1% on the week. Zinc still hasn’t updated since 23 October ($3,944), so I’m treating it as stale.
- Steel holds Friday’s level. US Midwest HRC closed Friday at about $1,541 a tonne, up about 4% on the week and about 7% on the month. Shanghai rebar is 3,035 yuan a tonne as of Friday.
- Gold steadies. It’s around $3,911 an ounce, up about 0.3% today after Friday’s drop, but still down about 2.9% on the week and 6% on the month.
- Stocks are still Friday’s closes. The S&P 500 at 7,580 (down 1.8% on the day) and the Nasdaq at 25,437 (down 2.9%, about 5% on the month). Emerging markets (EEM) closed at 61.04, down 2.7%. The DFM’s Friday close has now come through at 5,771, down about 0.8% on the day and about 3% on the month. The ADX closed at 9,466, nearly flat, down about 6.6% on the month.
- Rates and the dollar. Treasury yields are still the 29 October readings: the 2-year at 4.61% and the 10-year at 4.98%. The dollar index is around 102, flat. The monthly US PPIs for copper wire and cable, steel wire drawing and cement are still the September figures.
The truth: The week opens with oil easing, and that’s the one real move so far. For UAE cable, electrical and construction suppliers, cheaper oil takes a little off freight and energy costs, while at around $110 Brent is still more than high enough to keep Gulf budgets and project spending comfortable. Copper and aluminium are barely moving, so conductor-heavy quotes don’t need rethinking today. Steel is still the cost to watch: HRC is about 7% up on the month, and that runs straight into wire, mesh, fencing, towers and rebar. Rates haven’t printed anything new since Thursday, and with the dirham pegged, our financing costs sit where they did. Same advice as last week: keep steel-heavy quotes short and escalation clauses in, and wait for today’s closes before reading much into an early-session oil drop. Not investment advice.
Sources and as-of dates for every number are on the Markets board.